joe biden may not be able to count to four, but he's at least right about what we ought to be focused on. >> three letter word, jobs, j-o-b-s, jobs. >> thank you, joe. all right. on friday the labor department released the latest jobs figures. american employers added 162,000 jobs in the month of july, and the unemployment rate was lowered to a 4.5 year low of 7.4%. my first guest says those numbers just don't add up and that government figures don't really reveal the full truth about the job situation in america. joining me, the former head of the bureau of labor and statistics, keith hall. keith, great to have you here today. >> good to be with you. >> friday we got those new numbers. 7.6 to 7.4. what's not to love, keith? >> well, first of all, that unemployment rate is the most closely watched economic statistic there is, and unfortunately that's gotten to be a very flawed statistic. and the reason is to be included in the unemployment rate, you need to be completely jobless, no job of any sort, no pay. second, you have to be active, you have to be doing certain things to be consi